The West

Padbury to brush-up on governance

Padbury Mining has hired a specialist law firm to review its corporate governance policies after its shambolic handling of an apparent $US6.5 billion funding injection for the Oakajee port and rail project.

Last month's "deal" with companies associated with one-time Australian hair-regrowth king Roland Frank Bleyer was later abandoned amid serious questions about its legitimacy.

The deal's collapse left many investors, who had bought in after the original announcement, out of pocket when shares in Padbury eventually collapsed.

Padbury announced today it had appointed Steinepreis Paganin to review its corporate governance policies, ASX disclosure and listing rule compliance processes.

The corporate law firm has also been asked to implement a training and assessment program for Padbury's officers and staff.

"The objective will be to ensure Padbury continues to comply with its obligations under the ASX listing rules and sets a high standard in corporate governance," the company said in a statement.

Padbury said the review and training and assessment program would be completed within three months.

Shares in the company were steady at 0.4 cents.

The West Australian

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